7 Reasons Why India Craves Silver
When it comes to popular quotes on precious metals, silver often takes a backseat to gold. The white metal is frequently called “gold’s little brother,” “poor man’s gold,” and the “common’s man metal.” Perhaps the best-known example calls gold the money of kings, while silver is the money of gentlemen. However, gold is not always the most-desired precious metal. In fact, one of the world’s largest populated nations craves silver.
India is home to the 10th largest economy in the world but consumes more silver than any other country. In 2013, India imported an estimated 5,400 tons of silver, according to a new educational video from Endeavour Silver (NYSE:EXK). That is more than double the 1,900 tons imported in 2012 and higher than the recent peak of 5,049 tons imported in 2008. Of the world’s annual silver production, India consumes more than 20 percent.
Endeavour Silver’s video on India’s silver demand is the latest in an ongoing series of short videos at the miner’s Silver Hub, a place to learn about silver and how the silver industry works. Let’s take a look at seven reasons why India imports so much silver.